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1、1Salary Watch 2020:Singapore2RGF Salary Watch:SingaporeAbout this Report RGFs Salary Watch:Singapore report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in Singapore.This report is based on an RGF-owned candidate pool coverin
2、g more than 200,000 candidates(collected from February 2019 to February 2020)in our Singapore database.The definition of annual basic salary used throughout this report does not include allowance,stock,bonus or any other additional benefits,and the salary exchange rate used is USD1=SGD1.35.Due to th
3、e real-time nature of some of this data,RGF encourages readers to use its insights at their discretion.3RGF Salary Watch:Singapore16Table of ContentsAbout the ReportTable of ContentsSingapore Overview Key Trends Job Market Trends Salary Data ReferencesAbout RGF 23 578 12 3435 4RGF Salary Watch:Singa
4、poreOverview of Singapore5RGF Salary Watch:SingaporeEmbracing Digital TransformationLABOR MARKET SIZE2.3 MILLION1GDPUSD357.1 BILLION2PMI50.14FDIUSD77.65 BILLION3With a stable economy,an established presence as a regional business hub for multinational corporations,and a rising reputation as a tech a
5、nd startup incubator,Singapore is well-known as a cosmopolitan locale with business-friendly policies.Though the economy was slow throughout 2019,Singapore was expected to experience slight growth in early 2020.However,with the outbreak of COVID-19,economic forecasts were downgraded in February as t
6、he nation prepared for a global slowdown in production5.Though some industries saw spikes in production due to shifts in global supply chain output6,as the pandemic persisted,the republic implemented a“circuit breaker”to slow the spread of the virus,mandating work-from-home measures during Q1 and Q2
7、 for the majority of workers7,and requiring companies that hadnt already set up flexible working arrangements to do so quickly.Though a recession is expected8,the Singapore government has introduced support packages to stabilize the economy and help businesses not only retain local employees,but pro
8、vide wage increases9 under the Wage Credit Scheme10.Even so,the Monetary Authority of Singapore found that wage cuts and reduction of hours were common businesses decisions being made in the wake of the coronavirus pandemic11.Though hiring budgets and compensation packages will likely be revised bas
9、ed on reduced profits and revenue streams,talent with skills that suit fintech,ecommerce,digital marketing,and cloud computing will still be in demand and will likely be offered very competitive salaries.(Key Index)6RGF Salary Watch:SingaporePrior to the COVID-19 pandemic,salaries in Singapore were
10、projected to increase slightly up from 3.6%in 2019,and salaries in Singapore were expected to remain high,thanks to low inflation and a tight labor supply.However,because of the impact of the coronavirus on Singapores economy,businesses are considering options such as cutting salaries,reducing salar
11、y increment budgets and implementing hiring freezes in an effort to cope with the economic downturn.In addition to this,talent pools in Singapore continue to shrink due to increased competition and the governments stricter regulations regarding hiring foreign talent.However,the main trend is a rise
12、in specialized positions,such as data analytics specialists,cybersecurity specialists,and developers.For these types of roles,we see salaries increasing because employers understand the need to offer above-average salaries and pay rises in order to secure and retain these hard-to-find candidates.The
13、 other key trend we have seen emerge due to the tight talent pool is companies focusing on staff retention by offering retention bonuses and other time-based financial incentives.Another reason for this focus is the premium that companies generally have to pay for external candidates,which can range
14、 anywhere from 10-15%more from existing employees of the same level.”James MilesManaging Director,RGF Executive Search SingaporeFocusing on Tech Roles and Talent Retention7RGF Salary Watch:SingaporeData Transforming RolesAs business processes across industries increasingly rely on data be it from cu
15、stomers,Internet of Things products,or weather and traffic patterns businesses increasingly need talent who can analyze and interpret the data they are receiving in order to make sense of it and create actionable insights.Because of this,more employers are seeking candidates who possess a fusion of
16、skills marketing and data analysis,for example,or business intelligence and sales.As digital transformation continues,it is expected that this fusion of skills will become increasingly commonplace as companies introduce more artificial intelligence,machine learning,and other forms of automation to increase productivity and efficiency,allowing employees to focus their time and energy on more complex and more valuable work.Additional Benefits Employees Look forTalent in Singapore look for more tha
